Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals Ltd

₹ 405 -2.55%
28 Jul 10:14 a.m.
bhel.com BSE: 500103 NSE: BHEL
About

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]

Key Points

Business Segments

Website BSE NSE
  • Market Cap ₹ 1,41,058 Cr.
  • Current Price ₹ 405
  • High / Low ₹ 447 / 205
  • Stock P/E 58.0
  • Book Value ₹ 75.1
  • Dividend Yield 0.34 %
  • ROCE 9.14 %
  • ROE 6.23 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 20.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 31.3%

Cons

  • Stock is trading at 5.54 times its book value
  • Company has a low return on equity of 3.18% over last 3 years.
  • Promoter holding has decreased over last 3 years: -5.00%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

Part of BSE 500 BSE Capital Goods BSE 200 BSE Dollex 200 BSE PSU

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
5,003 5,125 5,504 8,260 5,485 6,584 7,277 8,993 5,487 7,512 8,473 12,310 7,698
5,182 5,279 5,287 7,532 5,654 6,309 6,973 8,162 6,024 6,931 7,928 10,557 7,194
Operating Profit -178 -154 217 728 -169 275 304 832 -537 581 545 1,753 504
OPM % -3.6% -3.0% 3.9% 9% -3.1% 4.2% 4.2% 9% -10% 8% 6% 14% 7%
130 192 118 170 111 128 126 159 185 189 235 260 226
Interest 168 180 190 193 162 201 184 201 181 195 182 198 140
Depreciation 60 60 61 68 59 60 68 85 75 75 78 88 82
Profit before tax -276 -202 84 636 -279 141 179 704 -608 499 520 1,728 508
Tax % -26% -69% 29% 23% -24% 25% 25% 28% -25% 25% 25% 25% 26%
-205 -63 60 490 -211 106 135 504 -456 375 390 1,290 377
EPS in Rs -0.59 -0.18 0.17 1.41 -0.61 0.30 0.39 1.45 -1.31 1.08 1.12 3.71 1.08
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
31,323 25,505 28,465 28,827 30,441 21,463 17,309 21,211 23,365 23,893 28,339 33,782 35,993
29,183 26,862 27,370 27,174 28,409 21,596 20,357 20,383 22,321 23,182 26,940 31,210 32,610
Operating Profit 2,141 -1,357 1,095 1,653 2,032 -133 -3,049 828 1,044 711 1,399 2,572 3,383
OPM % 7% -5% 3.9% 6% 7% -0.6% -18% 3.9% 4.5% 3.0% 4.9% 8% 9%
1,221 1,492 753 679 662 590 393 405 544 608 524 869 909
Interest 92 360 413 330 378 613 467 448 612 828 906 986 715
Depreciation 1,082 937 850 787 476 503 473 314 260 249 272 316 323
Profit before tax 2,187 -1,161 586 1,215 1,840 -659 -3,596 470 716 243 746 2,139 3,254
Tax % 34% -39% 22% 64% 46% 123% -25% 5% 9% -16% 28% 25%
1,450 -706 455 438 1,002 -1,468 -2,700 445 654 282 534 1,600 2,432
EPS in Rs 3.96 -1.92 1.25 1.20 2.89 -4.21 -7.75 1.28 1.88 0.81 1.53 4.60 6.99
Dividend Payout % 20% -14% 85% 151% 69% 0% 0% 31% 21% 31% 33% 30%
Compounded Sales Growth
10 Years: 3%
5 Years: 14%
3 Years: 13%
TTM: 27%
Compounded Profit Growth
10 Years: 16%
5 Years: 21%
3 Years: 36%
TTM: 739%
Stock Price CAGR
10 Years: 16%
5 Years: 47%
3 Years: 59%
1 Year: 76%
Return on Equity
10 Years: 0%
5 Years: 3%
3 Years: 3%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 490 490 490 734 696 696 696 696 696 696 696 696
Reserves 33,717 31,825 31,899 31,601 30,208 27,964 25,287 25,810 23,682 23,742 24,026 25,450
1,889 211 156 110 2,598 5,080 4,951 4,830 5,454 8,856 9,015 8,187
34,887 33,051 29,153 31,495 30,987 26,550 25,025 25,654 27,832 26,489 35,112 42,554
Total Liabilities 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 57,664 59,784 68,849 76,888
4,230 3,969 3,601 3,073 2,970 2,817 2,491 2,398 2,476 2,574 2,947 2,999
CWIP 2,614 318 168 203 235 314 420 431 354 308 195 495
Investments 6 796 757 429 152 162 185 205 235 256 276 302
64,134 60,494 57,171 60,235 61,132 56,998 52,864 53,956 54,599 56,646 65,431 73,092
Total Assets 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 57,664 59,784 68,849 76,888

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
821 374 560 989 -3,860 -2,892 560 660 -741 -3,713 2,192 5,837
650 23 -565 961 1,919 1,877 -42 -1,118 1,480 1,331 -2,731 -3,035
-3,543 -122 -468 -667 -32 1,622 -394 -329 89 2,656 -857 -1,806
Net Cash Flow -2,071 275 -473 1,283 -1,973 608 123 -787 829 274 -1,396 996
Free Cash Flow 544 -178 227 719 -4,284 -3,276 311 498 -921 -3,936 1,902 5,261
CFO/OP 87% -50% 105% 57% -169% 1,930% -25% 30% -82% -554% 151% 227%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 309 321 283 178 142 121 85 52 49 73 76 73
Inventory Days 270 272 200 191 218 321 333 274 261 253 289 309
Days Payable 239 240 225 301 297 300 281 291 345 270 259 231
Cash Conversion Cycle 340 353 258 68 63 142 137 35 -35 56 106 151
Working Capital Days 192 208 162 121 100 72 42 1 -5 60 99 86
ROCE % 6% -2% 3% 5% 7% -0% -10% 3% 4% 3% 5% 9%

Insights

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Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Industry Sector Order Inflow
Rs Crore ・Standalone data

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Intellectual Capital (Cumulative Patents/Copyrights)
nos. ・Standalone data
Order Inflow
Rs Crore ・Standalone data
Power Capacity Commissioned/Synchronized
MW ・Standalone data
Power Sector Order Inflow
Rs Crore ・Standalone data
Cumulative Power Generation Equipment Supplied
GW ・Standalone data
Order Book Outstanding
Rs Crore ・Standalone data
R&D Expenditure
Rs Crore ・Standalone data
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 58.17% 58.17%
7.23% 7.04% 8.76% 9.10% 9.48% 7.98% 7.19% 6.36% 6.23% 6.28% 7.23% 9.52%
15.99% 17.58% 15.95% 15.03% 14.69% 15.49% 16.34% 18.45% 18.62% 19.70% 23.93% 22.35%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06% 0.07%
13.62% 12.23% 12.14% 12.71% 12.66% 13.36% 13.29% 12.02% 11.98% 10.85% 10.63% 9.88%
No. of Shareholders 12,27,65812,65,43614,99,20218,80,85119,95,26620,83,02621,20,56719,83,21519,61,66417,91,83117,55,26216,28,020

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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